The Connected Society & Cash-Strapped Consumer increasingly weigh on publishers
The publishing industry has been one of the early victims of the internet as readers shifted to online articles and publications, which altered the dynamics of the all-important advertising revenue stream and subscription dynamics. As we approach nearly two decades of internet related creative destruction, the rise of mobile usage is another thorn in the side of publishers and is prompting another round of cost-cutting measures to ensure what is likely a dying business model will last a bit longer.
Aside from the shift in how people consume content, there is an interesting revelation in the article below that points to people not having enough time to read a print magazine. This could be because they are chewing all sorts of digital content, including video, or it could be because Cash-Strapped Consumers are working more than ever to make ends meet.
Odds are book publishers are experiencing the same dynamics.
Publisher Time Inc. is reducing the circulation and frequency of these and other name brand publications in a cost-cutting effort aimed at ensuring the magazines’ long-term profitability, The Wall Street Journal reported Tuesday.
Time magazine, the company’s flagship famed for its annual person-of-the-year selection, will have its weekly circulation reduced by one-third, to two million copies, the report said. Circulation of People en Español will also be cut back.T
he company reportedly is also cutting the print issue frequency of Sports Illustrated, Entertainment Weekly, Fortune and four other titles.
The moves come amid slumping financial fortunes across the print media industry as readers increasingly follow favorite magazines, newspapers and other publications online.
Similarly, reader research showed U.S. consumers increasingly have less time to devote to reading printed editions of magazines.
Source: Time magazine publisher cuts circulation, print issues, report says